Court Before You Say, "I Do"
-
by Farzana Nanji Jiwani, Constructive Conflict Management Inc
- How will decisions be made? Not every decision needs in-depth discussion, and delegating certain kinds of decisions prevents delays, keeping the business dynamic.
- What methods of problem-solving should be incorporated?
- What will constitute a "problem"?
- When should a resolution process come into play?
- When should the services of a third party be sought?
A business partnership offers easy access to a sounding board for new ideas. It can also create a synergy of ideas that will sustain and advance a business venture. However, a viable business partnership, like a marriage, depends on forming the right alliance and negotiating expectations. All too often, potential partners find themselves swept off their feet by a passion for the idea and skip the key initial steps. Before a business partnership is finalized, each partner must be aware of the other’s needs, wants, interests, and vision for the business. Before signing the traditional contract, key questions must be answered. How does each potential partner define success? It is easy to assume we all define success the same way, but people often differ on what outcomes make up a business success. Before you enter a partnership, then, you must clearly convey what you hope to accomplish, and why you wish to be involved in the business venture. Taking the time at the outset to understand each individual’s vision is crucial. Usually, there will be agreement on some issues and divergence on others. The task is to decide how the relationship will work. There are many possibilities for business relationships: the goal is to bring together each person’s vision without obliterating anyone’s individual conception. To build a shared vision, you begin with the issues on which everyone agrees. They are the foundation of a joint vision for the business. Determining roles for each partner ensures that individual creativity will not be stifled. Pursuing a shared vision gives individuals an opportunity to show initiative and build joint commitment for the business. Drafting a mission statement and setting out your core values helps to create - and express - the shared vision. To ensure that key issues are addressed at an early stage, set out a plan for communication and ongoing administration. Make sure the plan matches every partner’s style, so that everyone will be comfortable.